Economic Understandings To play the game, go to the next slide and click on a point value to go to a question. To go to final Wrap-Up click on Final Wrap-Up at the bottom of the main screen.
Types of Economies National Economies Trade Barriers Capital Investments VocabularyCurrencies
Team 1Team 2Team 3Team 4 Team 5 Wager board
What type of economy uses customs and habits of the past to make economic decisions?
Traditional Economy score board
What type of economy relies on planning groups to make basic economic decisions?
Command Economy score board
In what type of economy do individuals or corporations make economic decisions?
Market Economy score board
What country in this region is the best example of a command economy?
North Korea scoreboard
What two countries in this region have market economies?
Japan & South Korea score board
How can the economy of China best be described?
Mixed score board
What economic activity involves at least half of the people living in China?
Farming score board
What country in the region has the most technologically advanced economy?
Japan score board
What two sources account for nearly all of Japan’s GDP?
Industry and services score board
What is the main reason that North Korea has had economic problems?
It has spent most of its money on the military while neglecting other aspects of the economy. score board
Why do people need to exchange money?
To do business with people from other countries score board
What is the currency used by the people in India?
Rupee score board
What is the currency used by the people in Vietnam?
Dong score board
What is the currency used in North Korea?
Won score board
If a North Korean Won is equal to 140 per one U.S. dollar, how much would something that costs 420 Wons cost in U.S. dollars?
$3.00 score board
What term refers to the voluntary exchange of goods and services?
Trade score board
What type of trade barrier results in taxes on imports?
Tariff score board
What type of trade barrier results in limits placed on the number of imports that can enter a country?
Quota score board
What type of trade barrier involves a government order to stop trade with another country?
Embargo score board
What is the main purpose of a tariff?
To protect local manufactures from foreign competition score board
What is the GDP (Gross Domestic Product)?
Total value of all the goods and services produced in a country in one year score board
How much of India’s GDP comes from farming?
25 percent score board
What two items are included in human capital?
Skills and education score board
How was the Green Revolution an example of investment in human capital in India?
Farmers were given training and new technology. score board
How did the Four Modernizations affect Chinese industry?
Many factories began to increase the production of consumer goods that were easier to sell. score board
What term is used to describe the exchange of goods and services without currency?
Bartering score board
What economic policy allows businesses to do as they want with little regulation?
Laissez-faire score board
What is the name given to items brought into a country?
Imports score board
What term is used to describe a country which produces all the goods and services it needs?
Self-sufficient score board
What is the term used to describe someone who is willing to take risks to create a new business or develop a new product?
Entrepreneur score board
Make your wager on the scoreboard scoreFinal Question
What are China’s Four Modernizations?
Farmers were given more control over what they produce. Farmers were given more control over what they produce. Industry shifted from heavy industry to consumer goods. Industry shifted from heavy industry to consumer goods. Factory workers and managers were given more power to make decisions. Factory workers and managers were given more power to make decisions. Encouraged foreign countries to do business with China. Encouraged foreign countries to do business with China. score board